Coinbase co-founder and CEO Brian Armstrong have huge optimism that the ongoing downturn and churning in the crypto world will usher in a more robust crypto sector. Armstrong was setting the record straight after his rival exchange FTX filed for bankruptcy amidst allegations of stashing away clients’ money.
Talking to the Financial Times, he confirmed he was still bullish amid the ongoing turbulence in crypto sector. Talking about FTX, he said its collapse was about “one bad actor” and reiterated what had happened at FTX could “never happen” on Coinbase.
Coinbase CEO stuck to its conviction that blockchain and cryptocurrency technology should advance the financial sector, and promote “economic freedom” as a liberation from centralized financial authorities run by governments.
Crypto lobbyists in the US are studying bipartisan legislation and President Joe Biden’s executive orders. Regulation regime, which “usually entrenches the largest companies” and hopes new laws will be advantageous for Coinbase too.
Kroll To Track Claims Against FTX
Meanwhile, bankrupt crypto exchange FTX appointed Kroll, a restructuring administration firm as the agent to track claims against it and ensure interested parties are notified of developments throughout its Chapter 11 bankruptcy case.
Kroll will compile a database of all claims against FTX Trading and 101 affiliated companies. So far this database has only 8 claims amounting to $40.9 million, although FTX Trading alone owes customers and investors almost $8 billion.
The existing claims also include the one from Singapore-based blockchain development firm Ethereal Tech for $11.7 million and more claims may be added as and when details are filed.
Kroll has worked as the claims agent of rental car company Hertz on the Chapter 11 bankruptcy case with 62,061 claims against it.
